The main objective of any Seller is to get more money for his/her property in the shortest possible time.

If you are thinking of selling your property, you must seriously consider getting it evaluated to arrive at a REASONABLE asking price. The asking price should not be too high or too low as either one renders undesirable results for getting you your top dollars.

PRECAUTIONS

A high listing price will likely:

• Cause buyers to lose interest in your property;
• Lead to high expectations as to the condition of your property and then disappointment once these expectations are not fulfilled;
• Take longest to sell; and,
• Result in a sale price that is lower than the current worth of your property.

A low listing price will likely:

• Cause your property to sell very quickly; but,
• Result in a sale price that is possibly lower than the current worth of your property.

PRICE VS. VALUE

Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction* after proper marketing, wherein the parties had each acted knowledgably, prudently and without compulsion.

        *An arms-length transaction is a transaction between two related or affiliated parties that is conducted as if they were unrelated, so that there is no question of a conflict of interest.

Market Price is the actual amount of dollars the buyer pays for a property.

A price obtained for a specific property under a specific transaction may or may not represent that property's market value: special considerations may have been present, such as a special relationship between the buyer and the seller.  However, the idea is to sell the property for an amount which is the closest to its market value. Please remember, that if a property is not competitively priced, by the process of elimination, it will be the last to sell and may require more than one substantial price reduction over an extended period of time, which is inconvenient and undesirable.

HERE IS SOME STATISTICS ABOUT PRICING A PROPERTY RIGHT:

• Real Estate studies have shown that in a steady market 75% of homes for sale at an accurately calculated suggested listing price will sell within five (5) weeks or less.
• Moreover, 95% of the homes priced at just 2% under the suggested listing price will sell within three (3) weeks.
• But, if a home is over-priced by just 5%, the chances are only 1 in 20 that it will sell in 12 weeks or less.

Market Value is generally influenced by market trends, actual neighborhood sale prices, competition, any future developments in the area and the current condition of the property.

Comparative Market Analysis or "CMA"

A CMA is a study conducted by an experienced real estate agent on the Multiple Listing Service ("MLS"), of selected, recently sold properties, which are similar to your property in various aspects such as location, size, features, etc. A CMA arrives at a considered opinion of what a buyer would likely be willing to pay for a property such as yours, within a reasonable time, in today's real estate market.

Therefore, before you list your property or market it to prospective purchasers, make sure you know the range of prices it falls within.

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